A#: P&S#:	5652 5222
DATE:			July 18, 2003
TO:		ALL PARTICIPANTS
ATTENTION:			MANAGER, PURCHASES AND SALES DEPARTMENT, CASHIER, FUND/SERV PARTICIPANTS, ACATS PARTICIPANTS, MUNICIPAL BOND COMPARISON PARTICIPANTS
FROM:					Pablo Cubi, Associate Director, Membership Administration
SUBJECT:				CHANGES IN THE LIST OF PARTICIPANTS

---

·         The following firm will retire from all services, as detailed below:

Last Trade Date, July 18, 2003:

IFS Fund Distributors, Inc./Boyar Value Fund                                                              No.  5796

·         The following firm will begin participation in the Fund/Serv, Networking, Commission

      Settlement and ACATS Fund/Serv services, as detailed below:

First Trade Date, July 18, 2003:

Manulife Financial Securities LLC                                                                                 No.  4846

Networking Code:                                                                                                               8P

Contact:  Barbara Browne

Phone:     (617) 483-7402

·        An additional number has been assigned to Bisys Fund Services, LP (#5816) for the purpose of utilizing the Fund/Serv and Networking services, as detailed below:

First Trade Date, July 21, 2003:

Bisys Fund Services LP/Boyar Value Fund                                                                   No.  5796

Networking Code:                                                                                                               K9

Contact:  Scott Roseberry

Phone:    (614) 470-8862

·         The following firm will begin participation in the ACATS Fund/Serv service, as detailed below:

First Trade Date, July 18, 2003:

AIM Distributors Inc./AIM Global Advisors Ltd.                                                          No.  4882

·         The following firm will no longer participate in the Commission Settlement service, as detailed

below:

Last Trade Date, July 21, 2003:

Safeco Investment Services                                                                                          No.  0427

·        The following firms will change their name only, as detailed below:

Effective First Trade Date, July 15, 2003:

From:  Frost National Bank – Bond Department                                                           No.  6751

To:      Frost National Bank – Capital Markets                                                              No.  6751

Effective First Trade Date, July 18, 2003:

From:  BMO Nesbitt Burns Corp.                                                                                No.  0045

To:      Harris Nesbitt Corp.                                                                                          No.  0045

From:  Provident Mutual Life Insurance Co.                                                                  No.  4576

To:      Nationwide Life Insurance Company of America                                                No.  4576

·          Kindly update the NSCC Directory dated January 13, 2003 (for OTC Executed-By-List and Municipal Bond Comparison System) as detailed below:

	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha	Numeric
Delete Last Trade Date, July 18, 2003:
F1 Trading.Com, Inc.	PFSI	0234	FONE
Yankee Financial Group, Inc.	QRCC	0158	YANK
Add First Trade Date, July 21, 2003:
Credit Suisse First Boston LLC	PERS	0443	FBPC
Executing Broker Name Change, Effective First Trade Date, July 18, 2003:
From:  Gerard Klauer Mattison & Co., LLC	BSSC	0352	GKMC
To:      Harris Nesbitt Gerard, Inc.	BSSC	0352	GKMC

·                    Kindly update the NSCC Directory dated January 13, 2003 (for OTC Executed-By List) as detailed below:

	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha	Numeric
Delete Last Trade Date, July 21, 2003:
Traderight Securities	SWST	0279	TRRT
Delete Last Trade Date, July 31, 2003:
ING Financial Markets, LLC	BHFS	0384	INGB
Add First Trade Date, July 17, 2003:
Tradepipe BD, LLC	SILK	0501	PIPE
Clearing Broker Change, Effective First Trade Date, July 21, 2003:
From:  Phillip Louis Trading, Inc.	BNYC	0262	PILL
To:      Phillip Louis Trading, Inc.	PERS	0443	PILL

·                    Kindly update the NSCC Directory dated January 13, 2003 (for Municipal Bond Comparison List) as detailed below:

	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha	Numeric
Add First Trade Date, July 17, 2003:
Wharton Equity Corporation	QRCC	0158	WHAE
Add First Trade Date, July 21, 2003:
Phillip Louis Trading, Inc.	PERS	0443	PILL

If you have any questions regarding this notice, please contact Frank DeRiso at (212) 855-4941 or Miriam Santiago at (212) 855-4947.